Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.19%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.14%
baseline attrition
Rally response
-17.50%
trims into rallies
when a holding rises +10%+
Top positions · 8
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CVNACarvana Co. | $28M | 27.7% | +50.4% | 6.0 yr |
| ARCOArcos Dorados Holdings I | $28M | 27.1% | +5.0% | 1.0 yr |
| KSPIJoint Stock Company Kasp | $27M | 27.1% | -20.2% | 2.3 yr |
| HNIHNI Corporation | $9M | 8.7% | -22.3% | 0.3 yr |
| AAMIAcadian Asset Management | $5M | 5.4% | +111.0% | 1.0 yr |
| PALProficient Auto Logistic | $2M | 1.9% | -19.0% | 0.8 yr |
| HGVHilton Grand Vacations I | $2M | 1.8% | +4.6% | 2.3 yr |
| SNBRSleep Number Corporation | $0M | 0.3% | -71.6% | 2.3 yr |
Portfolio composition (YoY)
Industry mix
Auto - Dealerships27.7%-4.4pp$28M
Restaurants27.1%$28M
Software - Infrastructure27.1%+7.0pp$27M
Business Equipment & Supplies8.7%$9M
Asset Management5.4%$5M
Integrated Freight & Logistics1.9%$2M
Gambling, Resorts & Casinos1.8%-18.1pp$2M
Furnishings, Fixtures & Appliances0.3%-4.4pp$0M
Country
US45.7%-1.9pp
UY27.1%
KZ27.1%+7.0pp
Top 5: 96.0% · Top 10: 100.0% · Top 25: 100.0%
Top buys this quarter · 1
| HNI HNI Corporationnew | +$9M |
Top sells this quarter · 9
| — exit | −$0M |
| HGV Hilton Grand Vacations Inc. | −$10M |
| MLCO Melco Resorts & Entertainment exit | −$6M |
| KSPI Joint Stock Company Kaspi.kz | −$5M |
| CVNA Carvana Co. | −$1M |
| ARCO Arcos Dorados Holdings Inc. | −$25M |
| PAL Proficient Auto Logistics, Inc | −$0M |
| AAMI Acadian Asset Management | −$5M |
| SNBR Sleep Number Corporation | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $101M | 8 | +20.66% | +17.59% | +3.07% | -0.02B |
| 2025-12-31 | $141M | 9 | +21.94% | +17.72% | +4.22% | -0.03B |
| 2025-09-30 | $165M | 10 | +17.10% | +17.52% | -0.41% | -0.03B |
| 2025-06-30 | $181M | 10 | +14.88% | +14.94% | -0.06% | -0.00B |
| 2025-03-31 | $148M | 9 | +3.72% | +8.30% | -4.59% | +0.02B |
| 2024-12-31 | $137M | 8 | +24.84% | +24.89% | -0.04% | -0.07B |
| 2024-09-30 | $208M | 13 | +28.45% | +36.04% | -7.59% | +0.01B |
| 2024-06-30 | $187M | 12 | +32.39% | +24.49% | +7.90% | -0.01B |
| 2024-03-31 | $177M | 12 | +38.11% | +29.62% | +8.49% | +0.03B |
| 2023-12-31 | $139M | 10 | +35.52% | +26.18% | +9.34% | -0.01B |
| 2023-09-30 | $142M | 10 | +39.96% | +21.57% | +18.39% | +0.01B |
| 2023-06-30 | $123M | 9 | +26.44% | +19.42% | +7.01% | -0.02B |
| 2023-03-31 | $119M | 9 | -15.52% | -7.82% | -7.71% | -0.03B |
| 2022-12-31 | $137M | 11 | +5.81% | +7.56% | -1.75% | -0.01B |
| 2022-09-30 | $139M | 10 | -3.62% | -4.93% | +1.31% | -0.01B |
| 2022-06-30 | $160M | 12 | -22.51% | -16.11% | -6.40% | +0.14B |